Five, be the partner of choice for RNAi therapeutics. Everything we have discussed today from our development speed to our encouraging early clinical data and ability to target a variety of tissues

five be the partner of choice for rna i therapeutics everything we have discussed today from our development speed to our encouraging early clinical data and ability to target a variety of tissues


Given our broader customer footprint and market-leading position and focus areas of business, we believe we can remain relatively agnostic to any potential share shifts.

given our broader customer footprint and market-leading position in focus areas of business we believe we can remain relatively agnostic to any potential share shifts


A lot of that stuff never really rebooked and you have had supply. But do you think -- I mean, is there -- do you study the trends? Do you think there's any -- it's international down too, is that

a lot of that stuff never really rebooked and you have had supply but do you think -- i mean is there -- do you study the trends do you think there's any -- is international down too is that


The capacity and the production coming out of the new investment in Shelby is critical to our long-term strategy to be able to meet our customer commitments.

the capacity and the production coming out of the new investment in shelby is critical to our long-term strategy to be able to meet our customer commitments


we still think we're very low penetrated in a number of key markets, and we still have opportunity, we think, to grow significantly. If you look at unused medication and how well we've grown,

we still think we're very low penetrated in a number of key markets and we still have opportunity we think to grow significantly if you look at unused medication and how well we've grown


I think there are going to be more opportunities there were in 2015 with more stress in the insurance system than there has been historically, and we expect that to continue into 2016, as we expect to continue to attract talent.

i think there are going to be more opportunities there were in 2015 with more stress in the insurance system than has been historically and we expect that to continue into 2016 as we expect to continue to attract talent


our February earnings call, I talked about things generally, and you'll note that this quarter I've been a lot more specific about the numbers.

our february earnings call i talked about things generally and you'll note that this quarter i've been a lot more specific about the numbers


In addition, during today's call, unless otherwise stated, references to our results are provided as non-GAAP financial measures and are reconciled to our GAAP results,

in addition during today's call unless otherwise stated references to our results are provided as non-gaap financial measures and are reconciled to our gaap results


So from our perspective, it's pretty much a finalized issue. The performance shares have not been issued yet, but they will be issued at some point in the future

so from our perspective it's pretty much a finalized issue the performance shares have not been issued yet but they will be issued at some point in the future


getting to be about flat in 3Q and slightly positive in 4Q. The impact of the mortgage market on Equifax growth is significant in the first half of '19, impacting total revenue negatively

getting to be about flat in 3q and slightly positive in 4q the impact of the mortgage market on equifax growth is significant in the first half of '19 impacting total revenue negatively


must have been a priority for the Department of Energy, to get it out so early in a Trump term. Can you comment about where you see this

must have been a priority for the department of energy to get it out so early in a trump term can you comment about where you see this


Before I end, I want to thank all of our associates for the awesome job they do day in and day out. They truly are the heart and soul of Five Below,

before i end i want to thank all of our associates for the awesome job they do day in and day out they truly are the heart and soul of five below


The Business intelligence business is improving at a scale and rate, and we feel quietly confident that our ambition to deliver a full year of positive growth in '16, we can do.

the business intelligence business is improving at a scale and rate and we feel quietly confident that our ambition to deliver a full year of positive growth in '16 we can do


Thank you. Good afternoon, and thank you for joining today's conference call, which will be available for replay telephonically and on Ichor's website shortly after we conclude this afternoon.

thank you good afternoon and thank you for joining today's conference call which will be available for replay telephonically and on icor's website shortly after we conclude this afternoon


gather a group of people who really understand the market. It's not that we haven't been trying to do that. The keyword here is a group.

gather a group of people who really understand the market it's not that we haven't been trying to do that the key word here is a group


to basically take labor that's adding nothing to the bottom line for the company and then redirecting it into projects, which actually recognize the value of the services we deliver.

to basically take labor that's adding nothing to the bottom line for the company and then redirecting it into projects which actually recognize the value of the services we deliver


we would be utilizing our Lincoln business system to be able to try to minimize, if not eliminate that through productivity actions that we'll be driving in various places around the world. And

we would be utilizing our lincoln business system to be able to try to minimize if not eliminate that through productivity actions that we'll be driving in various places around the world and


I feel like you've said in the past, you've said you have pretty good visibility on what's going on in the marine business. So is the strength there going to be sustainable?

i feel like you've said in the past you've said you have pretty good visibility on what's going on in the marine business so is the strength there going to be sustainable


Our strong local stations continue to provide one of the essential ways to broadly reach targeted constituents, especially voters. And that's clearly reflected again this year.

our strong local stations continue to provide one of the essential ways to broadly reach targeted constituents especially voters and that's clearly reflected again this year


it will take longer. So we expect this year will be a year where we really start to narrow the areas where

it will take longer so we expect this year will be a year where we really start to narrow the areas where


A meaningful component of that future value is tied to sparsentan. I know much of the focus recently has been on its regulatory pathway. So I'll walk through our update from earlier today.

a meaningful component of that future value is tied to sparsentan and i know much of the focus recently has been on its regulatory pathway so i'll walk through our update from earlier today


The e-Builder acquisition closed in February and we remain very bullish on the business and the market opportunity. Revenue and profitability have exceeded our plan thus far.

the e-builder acquisition closed in february and we remain very bullish on the business and the market opportunity revenue and profitability have exceeded our plan thus far


in revenue at the time. And that was basically to take an even stronger position in the floor grinding segment. HTC is the market leader in that segment.

in revenue at the time and that was basically to take an even stronger position in the floor grinding segment hcc is the market leader in that segment


To give these and all our other shareholders a more comprehensive view of our performance, while we are pleased with our results and the outlook for the company, there are some challenges we have been facing.

to give these and all our other shareholders a more comprehensive view of our performance while we are pleased with our results and the outlook for the company there are some challenges we have been facing


A transcript and replay of this call will be available on our website later today. Thank you all for listening. This concludes today's conference call. You may now disconnect.

a transcript and replay of this call will be available on our website later today thank you all for listening this concludes today's conference call you may now disconnect


To me, it demonstrates what we've been saying, that is that we are insulated from the direct and indirect impacts of very low commodity environment, but we're not immune.

to me it demonstrates what we've been saying that is that we are insulated from the direct and indirect impacts of very low commodity environment but we're not immune


the Class A sublet market could put pressure on some of the B lease rates in Houston before this is all said and done.

the class a sublet market could put pressure on some of the b lease rates in houston before this is all said and done


An RNAi-based approach to blocking the production of complement pathway factors offers the potential to inhibit the uncontrolled complement activation that drives many serious diseases.

an rnai-based approach to blocking the production of complement pathway factors offers the potential to inhibit the uncontrolled complement activation that drives many serious diseases


those not only come with a much, much lower servicing fee, but they're also not prepayment protected to us. So as a result of that, if the loan pays off, the servicing goes away.

those not only come with a much much lower servicing fee but they're also not prepayment protected to us so as a result of that if the loan pays off the servicing goes away


So we're much more nimble now with what we can do, how we can get the photography absolutely right. The photography you see in those commercials actually was done in our new studio,

so we're much more nimble now with what we can do how we can get the photography absolutely right the photography that you see in those commercials actually was done in our new studio


I suppose it would depend what exactly you might mean by material, but we're very optimistic with what Omni can do. It's is a very exciting space,

i suppose it would depend what exactly you might mean by material but we're very optimistic with what omni can do it's a very exciting space


As I have discussed on prior calls, we are simultaneously investing in the business, promoting efficiencies across our banners and executing on our plans for capturing synergies where available

as i have discussed on prior calls we are simultaneously investing in the business promoting efficiencies across our banners and executing on our plans for capturing synergies where available


about taking -- keeping the good pieces of CCAR and continuing to focus on how it can be made into a better tool

about taking -- keeping the good pieces of ccar and continuing to focus on how it can be made into a better tool


and specialized knowledge of state teacher retirement programs and benefits help position us to be successful in continuing to serve our educators in a holistic manner.


Now let's turn to today's results. As noted in today's press release, sales and earnings for both the fourth quarter and fiscal year outperformed our expectation.

now let's turn to today's results as noted in today's press release sales and earnings for both the fourth quarter and fiscal year outperformed our expectations


after a period of time, that just needs to come back to roost. And so we think that trend should continue relatively smoothly over the coming year and hopefully, for several years to come.

after a period of time that just needs to come back to roost and so we think that trend should continue relatively smoothly over the coming year and hopefully for several years to come


of realizing the full benefit of premium drilling. In 2018, we'll improve in every category we use to measure performance internally.

of realizing the full benefit of premium drilling in 2018 we'll improve in every category we use to measure performance internally


And specifically, where in the store should it go? Should it go and take space from our big brands? Or should it have new incremental space? The good news is our relationships with the retailers are so strong

and specifically where in the store should it go should it go and take space from our big brands or should it have new incremental space the good news is our relationships with the retailers are so strong


it seems to me like the government and the public authorities are a little bit worried that 5G deployment might not go as quickly as they would hope probably.

it seems to me like the government and the public authorities are a little bit worried that 5g deployment might not go as quickly as they would hope probably


mobile financial services in Orange, which is one of the key diversification roads we have decided to embark on.

mobile financial services in orange which is one of the key diversification roads we have decided to embark on


In terms of capital allocation, we have one overarching goal and that is to strategically deploy capital where we believe we can drive the greatest value for our shareholders.

in terms of capital allocation we have one overarching goal and that is to strategically deploy capital where we believe we can drive the greatest value for our shareholders


is extremely well positioned when it comes to product innovation, when it comes to distribution, and they can really reap the benefit of this great positioning.

is extremely well positioned when it comes to product innovation when it comes to distribution and they can really reap the benefit of this great positioning


One of the benefits we're finding to prerecording our quarterly commentary and releasing it early is that we tend to get a lot of feedback on questions people have about anything we've said that might be confusing

one of the benefits we're finding to pre-recording our quarterly commentary and releasing it early is that we tend to get a lot of feedback on questions people have about anything we said that might be confusing


followed by a modest increase this year, as the natural impact of top line growth was partially offset by the continued gains we're making to improve working capital efficiency.

followed by a modest increase this year as the natural impact of top line growth was partially offset by the continued gains we're making to improve working capital efficiency


These 2 strategic investments will highly differentiate our offering in a way that no one else can deliver and can create a highly defensible platform that will continue to pull further ahead of our competition.

these 2 strategic investments will highly differentiate our offering in a way that no one else can deliver and can create a highly defensible platform that will continue to pull further ahead of our competition


This growth was offset by volume fluctuations with several communications clients and certain program completions, including the impact of previously divested BPO businesses.

this growth was offset by volume fluctuations with several communications clients and certain program completions including the impact of previously divested bpo businesses


We also continue to analyze the potential impact that the Clean Power Plan could have on our Kentucky operations. The precise impact is difficult to pin down at this point.

we also continued to analyze the potential impact that the clean power plan could have on our kentucky operations the precise impact is difficult to pin down at this point


decent price performance in the first part of the year. But in the middle of the year, where in prior years we had, had some decent success on pricing, we did not have as much success in 2015. As a result,

decent price performance in the first part of the year but in the middle of the year where in prior years we had had some decent success on pricing we did not have as much success in 2015 as a result


Obviously, with the soft retail demand and, as Steve mentioned earlier, we are mindful of potential deleveraging in this line item and are being very strategic in our investments.

obviously with the soft retail demand and as steve mentioned earlier we are mindful of potential deleveraging in this line item and are being very strategic in our investments


but also making sure we're getting our fair share in SMB because we are seeing attractive economics there.

but also making sure we're getting our fair share in smb because we are seeing attractive economics there


Commodity prices have increased recently, but there's still an excess supply. Is this sustainable or will it have an impact on new equipment purchases. Nobody really knows this at this point.

commodity prices have increased recently but there is still an excess supply is this sustainable or will it have an impact on new equipment purchases nobody really knows this at this point


the first quarter, I think the thing that everybody that were taken away from it, was the -- and Paul will get through it later, but

the first quarter i think the thing that everybody -- or that we're taking away from it was the -- and paul will get through with it later but


we don't necessarily want your day-to-day business. What we want you to do is look at Ferro for the future. We're going to service you with applications and please consider us

and we don't necessarily want your day-to-day business what we want you to do is look at ferro for the future we're going to service you with applications and please consider us


I believe as a brand, we continue to have a lot of pricing power. But there's a difference between what we could take and what we should take. I have said that for many years.

i believe as a brand we continue to have a lot of pricing power but there's a difference between what we could take and what we should take i've said that for many years


It's a very exciting time as I don't have to tell many of you in this room who know it as well as some of our businesses do. Huge transformation happening in terms of technology.

it's a very exciting time as i don't have to tell many of you in this room who know it as well as some of our businesses do huge transformation happening in terms of technology


The second thing is that our customers are really struggling with a lot of the new technologies coming in and one of the things that we've heard time and again over the past couple of years is that customers don't just want to quit but they also want to help.

the second thing is that our customers are really struggling with a lot of the new technologies coming in and one of the things that we've heard time and again over the past couple of years is that customers don't just want equipment they also want help


under development or construction that is not generating any EBITDA, which continues to be strong at slightly over 2x coverage.

under development or construction that is not generating any ebitda which continues to be strong at slightly over 2x coverage


preparing for exams and those sorts of things as opposed to substantive consequences for the business. But again, not because it isn't on the radar screen, but because we think we're in good shape there.

preparing for exams and those sorts of things as opposed to substantive consequences for the business but again not because it isn't on the radar screen but because we think we're in good shape there


I'm not at all concerned about the brand. We're down to -- I think the brand's in really, really good shape and I think Susan and TJ would agree that it's less about how the brand is going to be positioned in Canada

i'm not at all concerned about the brand we're down to -- i think the brand is in really really good shape and i think susan and tj would agree that it's less about how the brand is going to be positioned in canada


We elected to raise money recently to improve our working capital during this period of low revenue. That increased the share count and impacted our stock price.

we elected to raise money recently to improve our working capital during this period of low revenue that increased the share count and impacted our stock price


Part of it is the capacity and the ability that we have -- our own distribution capability enables us to, if you will, buy in advance where we can. So I think that certainly helps

part of that is the capacity and the ability that we have our own distribution capability enables us to if you will buy in advance where we can so i think that certainly helps


I would say that the first is that, for this quarter, it felt more like normal levels. But the other comment I would make is that

i would say that the first is is that for this quarter it felt more like normal levels but the other comment i would make is that


primarily reflecting the impact of specific allowances recorded against energy loans in 2016. These factors were partially offset within common shareholders' net income

primarily reflecting the impact of specific allowances recorded against energy loans in 2016 these factors were partially offset within common shareholders' net income


On the same basis, this growth rate dropped to 0 in the fourth quarter. For the first time in 2 years, revenue declined versus the prior year's quarter.

on the same basis this growth rate dropped to 0 in the fourth quarter for the first time in 2 years revenue declined versus the prior year's quarter


And at the same time, we negotiated amendments to our credit facility to accommodate for that. It's important to note that we are in compliance with all of our

and at the same time we negotiated amendments to our credit facility to accommodate for that it's important to note that we are in compliance with all of our


Before Bill gets into the details on our results, I just wanted to spend a few minutes on what we see as some of the really key takeaways from the second quarter performance.

before bill gets into the details on our results i just wanted to spend a few minutes on what we see as some of the really key takeaways from the second quarter performance


As an organization, we're proud of the accomplishments to reduce debt over the past 6 months. However, clearly, need -- more needs to be accomplished

as an organization we're proud of the accomplishments to reduce debt over the past 6 months however clearly more needs to be accomplished


the value of the debt and equity of the replacement property has to be higher than the value and debt or equity and debt of the relinquished property. So our acquisition

the value of the debt and equity of the replacement property has to be higher than the value and debt -- or equity and debt of the relinquished property so our acquisition


close to having something done, where are we on that scale? We -- Frank, we don't really comment on rumors or speculation regarding acquisitions. We do our best to try to

close to having something done where are we on that scale frank we don't really comment on rumors or speculation regarding acquisitions we do our best to try to


This has been an important part of our effort to reduce the percentage of our patients with noncompliant orthopedic conditions in favor of stroke and neurological patients.

this has been an important part of our effort to reduce the percentage of our patients with noncompliant orthopedic conditions in favor of stroke and neurological patients


and, again, how we convert that technical performance into commercial results through the contractual arrangements as well. So I think we have a good view on, one, again, what needs to happen. We have a good dialogue

and again how we convert that technical performance into commercial results through the contractual arrangements as well so i think we have a good view on -- again what needs to happen we have a good dialogue


What are we going to do in this expansion? We are going to have new anchor stores, a new fast fashion store. We will have a financial

what are we going to do in this expansion we are going to have new anchor stores a new fast fashion store we will have a financial


Yes. At this point, obviously, our strong sense of what we're looking for based on the things that we do is to look for terminals that we can enhance profitability

yes at this point obviously our strong sense of what we're looking for based on the things that we do is to look for terminals that we can enhance profitability


And I think that's what you'll see play out as we go through the rest of the year. You've got to bring these things to life in each individual retailer. And price is one key metric of that right now.

and i think that's what you'll see play out as we go through the rest of the year you've got to bring these things to life in each individual retailer and price is one key metric of that right now


some of the declines in the larger brands. So that's why in our prepared comments, we wanted to call out the fact that there is a focus on these

some of the declines in the larger brands so that's why in our prepared comments we wanted to call out the fact that there is a focus on these


And we also think once more that having 60% of our business there and obviously these very strong positions that we are very well placed to capitalize on that.

and we also think once more that having 60% of our business there and obviously these very strong positions that we are very well placed to capitalize on that


Your product support was down 7% as reported against this somewhat difficult prior year comparable. So I'm just curious how you interpret the performance of that business in the quarter.

your product support was down 7% as reported against this somewhat difficult prior year comparable so i'm just curious how you interpret the performance of that business in the quarter


While we expect these efforts to impact our sales in the short term, which is already reflected in our guidance, we believe this is the right course of action to protect the long-term health of the Vince brand.

while we expect these efforts to impact our sales in the short term which is already reflected in our guidance we believe this is the right course of action to protect the long-term health of the vince brand


Simply put, we anticipate that the total repurchases in any given year would range approximately between 10% and 20% of our free cash flow.

simply put we anticipate that the total repurchases in any given year would range approximately between 10% and 20% of our free cash flow


I can tell you it's very cold there now. Yesterday, it was minus 52. But at the end of the day, we still have got to be off the ice, I think, at the end of the third week in April generally.

i can tell you it's very cold there now yesterday it was minus 52 but at the end of the day we still have got to be off the ice i think at the end of the third week in april generally


as clients manage risk against pension schemes that are frozen, largely underfunded and facing regulatory changes, solutions to derisk pension plans and support for delegated investment solutions,

as clients manage risk against pension schemes that are frozen largely underfunded and facing regulatory changes solutions to derisk pension plans and support for delegated investment solutions


I want to ask everyone maybe to indulge for a second while I step back and put a few things in perspective relative to this past year and the upcoming year.

i want to ask everyone maybe to indulge for a second while i step back and put a few things in perspective relative to this past year and the upcoming year


Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for more detailed discussion of the risks that could impact our future operating results and financial condition.

therefore you should exercise caution in interpreting and relying on them we refer you to our sec filings for more detailed discussion of the risks that could impact our future operating results and financial condition


after the decline expected in second half '15 and beginning of '16. We have seen improvement the last couple of quarters as a result of good project execution.

after the decline expected the second half '15 and beginning of '16 we have seen improvement the last couple of quarters as a result of good project execution


And it's these 3 keys to success that, I believe, are important to take away from our discussion today, EnLink is in the right places with the right partners and is executing with excellence,

and it's these 3 keys to success that i believe are important to take away from our discussion today enlink is in the right places with the right partners and is executing with excellence


Secondly, on the respimetrix investment, could you tell us more about the development time lines, meaning when could the product be ready for market launch?

secondly on the recipe metrics investment could you tell us more about the development timelines meaning when could the product be ready for a market launch


With the acquisition of Sensile, we started a new division, Advanced Technologies, and it was always planned to add more technology into this division step-by-step.

with the acquisition of sensile we started a new division advanced technology and it was always planned to add more technology into this division step by step


We also intend to streamline 3 operational hubs and 2 joint ventures as well as continue to drive towards common technology platforms and the retirement of legacy applications.

we also intend to streamline 3 operational hubs and 2 joint ventures as well as continue the drive towards common technology platforms and the retirement of legacy applications


We believe that our focus on optimizing our infrastructure will help us improve the operating margin over the long term and maintain it in the high-20% range.

we believe that our focus on optimizing our infrastructure will help us improve the operating margin over the long term and maintain it in the high 20% range


These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in the company's press release and public filings.

these statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in the company's press release and public filings


Simply put, the continued execution of our multiyear pipeline moves us relentlessly towards our purpose of owning centers that are the center of the communities we serve.

simply put the continued execution of our multiyear pipeline moves us relentlessly towards our purpose of owning centers that are the center of the communities we serve


so not only recommendation of buying or selling, but also bridges of different clusters of recommendation of levels, and the relationship manager can then

so not only recommendation of buying or selling but also breaches of different clusters of recommendation of levels and the relationship manager can then


We are also continuing to make progress in a number of other areas. Our focus on great local brands and content continues to pay off for us in the ratings as Entercom remains a leader in Nielsen ratings growth.

we are also continuing to make progress in a number of other areas our focus on great local brands and content continues to pay off for us in the ratings as entercom remains a leader in nielsen ratings growth


we discovered this problem, and I think that we have -- there's definitely things, as we went through our review, things that we can improve. And we have those

we discovered this problem and i think that we have -- there's definitely things if we went through our review things that we can improve and we have those


caused the business mix of the retail segment to shift towards CTR. And given its business model, it has, as you know, the lowest margin rate of our 3 retail businesses.

caused the business mix of the retail segment to shift towards ctr and given its business model it has as you know the lowest margin rate of our 3 retail businesses


And then for that type of growth, what are you seeing in terms of the markets? You mentioned the tariffs, and it's not really impacting the demand. But if you could give kind of a flavor how you see demand

and then for that type of growth where -- what are you seeing in terms of the market you mentioned the tariffs and it's not really impacting the demand but if you could give kind of a flavor how you see demand


seem to be a more prudent source of growth, and we're optimistic that we'll be able to pull down more of these opportunities for reserve -- real reserve adds in the future.

seem to be a more prudent source of growth and we're optimistic that we'll be able to pull down more of these opportunities for reserve -- real reserve adds in the future


fiscal '17. Our fiscal '16 performance came from strong execution. It is the result of the changes we made. The consumer is at the heart of our business.

our fiscal '16 performance came from strong execution it is the result of the changes we made the consumer is at the heart of our business


for longer than we had previously expected, which resulted in our decision to close a few of our underperforming locations that are solely dependent on energy customers.

for longer than we had previously expected which resulted in our decision to close a few of our underperforming locations that are solely dependent on energy customers


As we go through the remainder of the year, lower than anticipated net revenue growth could be offset by a bundle of short-term cost measures.

as we go through the remainder of the year lower than anticipated net revenue growth could be offset by a bundle of short-term cost measures


they have tightened up their procurement across their network and so it's taking longer and it's harder for these particular end users to acquire the equipment.


And there are early signs of success from our investment in motor and home broking. We are delivering new customers. Let's be clear, it's only 2 months in

and there are early signs of success from our investments in motor and home broking we are delivering new customers let's be clear it's only 2 months in


we've passed all those gates. Now we have the production on those first 3 programs. So that's vitally important because performing operationally was the last thing that we had to do.

we've passed all those gates now we have the production on those first 3 programs so that's vitally important because performing operationally was the last thing that we had to do


Since the beginning of the year, we've conducted 5 intensive training sessions on our Heidrick Consulting offerings for our Search consultants, we have 3 more coming up over the next month.

since the beginning of the year we've conducted 5 intensive training sessions on our hydric consulting offerings for our search consultants we have 3 more coming up over the next month


and a paint shop in Great Falls and more recently a new paint shop in Terrebonne. To benefit from these investment we need to make sure they perform to full capacity.

and a paint shop in great falls and more recently a new paint shop in talbotton to benefit from these investments we need to make sure they perform to full capacity


In addition to that, we are currently working on what we believe to be a disruptive new model where we would be able to provide services directly to entire hospitals and hospital systems.

in addition to that we are currently working on what we believe to be a disruptive new model where we would be able to provide services directly to entire hospitals and hospital systems


from our cash and investment balance at the end of fiscal 2016. Our 2017 public offering resulted in the substantial strengthening of our financial position,

from our cash and investment balance at the end of fiscal 2016 our 2017 public offering resulted in the substantial strengthening of our financial position


The reason I felt that it was important to mention is that we spent the first 7 months of the fiscal trying to make Global E-Commerce profitable and investing very heavily in the division.

the reason i felt it was important to mention this is that we spent the first 7 months of the fiscal trying to make global e-commerce profitable and investing very heavily in the division


So the top line increased, as I just explained, and I want to note just a couple of other points. So the gold price average takes as usual into account the streaming financing for Karma.

so the top line increase as i just explained and i want to note just a couple of other points so the gold price average takes as usual into account the streaming financing for


of total assets would not be unusual. We're above that right now because of that Shared National Credit at 88 basis points, but that's still kind of in line with peer medians and means.

of total assets would not be unusual we're above that right now because of that shared national credit at 88 basis points but that's still kind of in line with peer medians and means


but on a full year basis, increased by 18%. As Dominic noted, we continue to make investments in our product capabilities and client-facing teams

but on a full year basis increased by 18% as dominic noted we continue to make investments in our product capabilities and client-facing teams


Germany has been very strongly affected both on the Retail side as the Food Service side by adverse weather condition in the first 4 month of the year.

germany has been very strongly affected both on the retail side as the food service side by adverse weather condition in the first 4 months of the year


It's a place where branding can make a difference. It's a place where we can deliver an experience both in terms of service and quality that we want our customers to have.

it's a place where branding can make a difference it's a place where we can deliver an experience both in terms of service and quality that we want our customers to have


if that makes sense at some point in the future, and that's what the owner wants to do, then we'll go down that path.

if that makes sense at some point in the future and that's what the owner wants to do then we'll go down that path


liquid formulations can have a faster onset than capsules or pills, and so that's what we would expect in this situation. And then I think the other thing is we really want to

liquid formulations can have a faster onset than capsules or pills and so that's what we would expect in this situation and then i think the other thing is we really want to


We've always retained more of that net. So as we change our mix of business, that changes the difference between gross and net as well.

we've always retained more of that net so as we change our mix of business that changes the difference between gross and net as well


The goal here is to break more rock and improve perforation efficiencies in hydrocarbon recovery and equally do so with fewer stage, while maintaining high rates of proppant loading.

the goal here is to break more rock and improve perforation efficiencies and hydrocarbon recovery and equally do so with fewer stages while maintaining high rates of proppant loading


the way that we're thinking about it is that we're -- our indications are that we will see an up year over what was a strong year and that is driven by the

so the way that we're thinking about it is that our indications are that we will see an up year over what was a strong year and that is driven by


marketed that system at all? Or are any of the motors that you guys are making utilizing that technology? And is there any interest from companies in going that route with

marketed that system at all or any of the motors that you guys are making utilizing that technology and is there any interest from companies in going that route with


Have you -- clearly you've probably looked a little bit at them. Can you talk at all in terms of what the opportunities are there? Because they didn't really seem to have much volume effect, at least that we could see.

have you -- clearly you've probably looked a little bit at them can you talk at all in terms of what the opportunities are there because they didn't really seem to have much volume effect at least that we could see


We are not going to put a specific time frame on when we expect to achieve this goal due to the number of uncertainties in the near term that could impact the timing of achieving it.

we are not going to put a specific time frame on when we expect to achieve this goal due to the number of uncertainties in the near term that could impact the timing of achieving it


Renewable energy sales were down as a result of timing issues. However, we expect sales for the full year into this market to be similar to last year.

renewable energy sales were down as a result of timing issues however we expect sales for the full year into this market to be similar to last year


through gene therapy that will make a meaningful difference in the lives of people living with these life-threatening condition and that have the potential to one day lead to cures.

through gene therapies that will make a meaningful difference in the lives of people living with these life-threatening conditions and that have the potential to one day lead to cures


The issue resulted in a shortfall in revenue and excess costs in the fourth quarter and will also impact Q1. However, we are confident we have a solution that will get us back on track later this month.

the issue resulted in a shortfall in revenue and excess costs in the fourth quarter and will also impact q1 however we are confident we have a solution that will get us back on track later this month


We're the most aggressive in trying to hold our customers accountable for us to recover our margins. We provide a lot of value to our customers, a lot of new technology.

we're the most aggressive in trying to hold our customers accountable for us to recover our margins we provide a lot of value to our customers a lot of new technology


Revenues declined by 12% in a challenging market. This resulted from lower revenues in our Corporate Finance business, with revenues from transaction banking being almost flat.

revenues declined by 12% in a challenging market this resulted from lower revenues in our corporate finance business with revenues from transaction banking being almost flat


because you run parallel with the people that you bring into the inside, and it takes 3 to 4 months until you actually release people on the outside. And if you add all that up

because you run parallel with the people that you bring into the inside and it takes 3 to 4 months until you actually release people on the outside and if you add all that up


the businesses that we acquired actually offset the volume decline that we experienced in the legacy business. So that is just ramping up.

the businesses that we acquired actually offset the volume decline that we experienced in the legacy business so that is just ramping up


Our continuous evaluation of the sources of success has resulted in a nongrowing pruning of our underperformed product lines and initiatives that cannot be fixed in a reasonable time period.

our continuous evaluation of the sources of success has resulted in an ongoing pruning of our underperforming product lines and initiatives that cannot be fixed in a reasonable time period


Moving to Slide 9. As a direct result of our strategic partnership with GDS, during the second quarter, we signed leases totaling more than 10 megawatts with 2 Chinese hyperscale customers.

moving to slide 9 as a direct result of our strategic partnership with gds during the second quarter we signed leases totaling more than 10 megawatts with 2 chinese hyperscale customers


That said, we're off to a good start this quarter, having already closed several deals that moved out of the third quarter, which gives us confidence for the fourth quarter.

that said we're off to a good start this quarter having already closed several deals that moved out of the third quarter which gives us confidence for the fourth quarter


business people coming to the country. And because of the devaluation, the country became a little bit more cheap. We see a new trend of people visiting Argentina, and we believe this

business people coming to the country and because of devaluation the country became a little bit more cheap we see a new trend of people visiting argentina and we believe this


We aggressively marketed to mobile, e-mails and social to our engaged digital community of over 7 million customers.

we aggressively marketed through mobile e-mail and social to our engaged digital community of over 7 million customers


As CEO, I am energized by their personal commitment as we work together on the path to future success. With that, I'll turn it over to Dan to go through our financial results in more detail.

as ceo i am energized by their personal commitment as we work together on the path to future success with that i'll turn it over to dan to go through our financial results in more detail


These new agents are off to a great start, but due to high standards of selection, we were slightly slower to sign on the agents compared to what we had originally expected.

these new agents are off to a great start but due to high standards of selection we were slightly slower to sign on the agents compared to what we had originally expected


year-on-year? What we have said and what we continue to believe is true is the decline in diesel prices over the last couple of years,

well you're on here what we have said and what we continue to believe is true is the decline in diesel prices over the last couple of years


We spent significant amount of time and effort this year to expand both the operational scale and capital available to be ready to accommodate the steady building supply.

we spent significant amount of time and effort this year to expand both the operational scale and capital available to be ready to accommodate the steady building supply


construction of new kilometers, acquisition of subscriber equipment and special projects that we carry out during the year.

construction of new kilometers completion of subscriber equipment and special projects that we carried out during the year


as well as what we call inhibitory neoantigens that appear to suppress immune responses broadly, and therefore, we wish to direct the immune system away from them.

as well as what we call inhibitory neoantigens that appear to suppress immune responses broadly and therefore we wish to direct the immune system away from them


These measures include a reduction of our global workforce of around 5%. I told you in January that we are now going through what we call in Rieter the cycle management.

these measures include the reduction of our global workforce of around 5% i told you in january that we are now going through what we call in retail the cycle management


That -- absolutely not. These deals are not impediments to doing deals. They're actually drivers for getting deals done. And we want to make sure that people can clearly see the value in those assets

no that -- absolutely not these deals are not impediments to doing deals they're actually drivers for getting deals done and we want to make sure that people can clearly see the value in those assets


David will provide a more detailed summary of the drivers of our financial performance and key factors impacting our updated full year outlook at the conclusion of my remarks.

dave will provide a more detailed summary of the drivers of our financial performance and key factors impacting our updated full year outlook at the conclusion of my remarks


over the next 3 years is critical. And the reason we grew transactions in the mid-teens in China is because of new-store growth. And it is where

over the next 3 years is critical and the reason we grew transactions in the mid-teens in china is because of new store growth and it is where


And we are pleased to announce we started production on another coproduction in the hot western genre called The Outsider, with very strong cast and multi-generational appeal

and we are pleased to announce we started production on another coproduction in the hot western genre called the outsider with very strong cast and multigenerational appeal


Yes, I can. This is David. And I can tell you that the infrastructure margin would have been

yes i can this is david and i can tell you that the infrastructure margin would have been


long as we can continue to provide increasingly better levels of customer service, which we've been doing, we can then turn our attention to how we can manage inventory

so long as we can continue to provide increasingly better levels of customer service which we've been doing we can then turn our attention to how we can manage inventory


They are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ from those expressed or implied by our forward-looking statements.

they are based on management's expectations that involve a number of risks and uncertainties any of which could cause actual results to differ from those expressed or implied by our forward-looking statements


We're planning for continued category declines while working on initiatives to stabilize share and shift focus to our strong, growing and highly profitable candy and mint platforms.

we're planning for continued category declines while working on initiatives to stabilize share and shift focus to our strong growing and highly profitable candy and mint platforms


Cash flow statements have been recast to show the impact of the new accounting standard with installer receivables, so year-over-year cash flow results are comparable.

cash flow statements have been recast to show the impact of the new accounting standard with installment receivables so year-over-year cash flow results are comparable


And so I think that what we're seeing is a very consistent theme, which is people continuing to focus on the very low-cost resources

and so i think what we're seeing is a very consistent theme which is people continuing to focus on the very low cost resources


So we think the Marcellus and Utica certainly established itself as the supply basin for a lot of this incremental demand, and it's really the only one that can come on with that kind of scale.

so we think the marcellus and utica has certainly established itself as the supply basin for a lot of this incremental demand and it's really the only one that can come on with that kind of scale


And there we are at the whim of the larger engineering contractors and other delays that other suppliers might bring into those projects that we just get pushed out a little bit.

and there we are at -- we are at the whim of the larger engineering contractors and other delays that other suppliers might bring into those projects that we just get pushed out a little bit


And we're very pleased to note that we managed to get unconditional approval to that merger, and now we're fully engaged in bringing the 2 companies together. I'll also say a few words about the future because there is

and we're very pleased to note that we managed to get unconditional approval to that merger and now we're fully engaged in bringing the 2 companies together i'll also say a few words about the future because there is


that's what we hope you took away that, yes, we think Q4 is an anomaly. But if you take a look at the overall core growth for the company, a negative 1, and moving to that general framework next year,

that's what we hope you took away that yes we think q4 is an anomaly but if you take a look at the overall core growth of the company at negative 1 and moving to that general framework next year


which we feel we can address very quickly and have a good sales network and also a good reputation in the market for it


believe to see very, very long-term growth trajectories within that. So that would be focus on San Antonio and the reason for the cross qualification there presently.

believe to see very very long-term growth trajectories within that so that would be focused in san antonio and the reason for the cost qualification there presently


I will say, at this time, we feel generally well positioned with where the customer base is at, at the moment with the deals that we've closed. We feel it's appropriate for where the market is at.

i will say at this time we feel generally well positioned with where the customer base is at at the moment with the deals that we've closed we feel it's appropriate for where the market is at


I'd say it's the continued performance in the diversification of the loan portfolio across the country that is delivering the results. And it's benefiting

i'd say it's the continued performance in the diversification of the loan portfolio across the country that is delivering the results and it's benefiting


such as the dedicated integration team we established in 2015. Identifying and hiring the best scientific and operational personnel

such as the dedicated integration team we established in 2015 identifying and hiring the best scientific and operational personnel


that allows customers to ship the product to their home while still using trade currency to fund their purchase. This means that the product is selling out even before we receive it.

that allows customers to ship the product to their home while still using trade currency to fund their purchase this means that the product is selling out even before we receive it


In addition, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, and are included in the press release and the earnings slide materials.

in addition comments may also include non-gaap financial measures those measures are reconciled to the comparable gaap measures and are included in the press release and the earnings slide materials


we do from time to time deploy that in the market and buy back shares, given that we've already incurred the tax inefficiency of bringing it back home. And we did do some of that last year. So

we do from time to time deploy that in the market and buy back shares given that we've already incurred the tax inefficiency of bringing it back home and we did do some of that last year so


We are pleased with how this improvement was delivered, with our productivity work supporting the increase in marketing with much of the reductions in overhead still flowing through to the bottom line.

we are pleased with how this improvement was delivered with our productivity work supporting the increase in marketing with much of the reductions in overhead still flowing through to the bottom line


they've just done nothing but execute within our expectations. And our expectation was for some inefficiency and our expectation is that they'll work that inefficiency down. So

they've just done nothing but execute within our expectations and our expectation was for some inefficiency and our expectation is that they'll work that inefficiency down so


Got you. Okay. And then you said in Financial Services that you might be able to overcome kind of the pricing impact but not to expect significant growth.

got you okay and then you said in financial services that you might be able to overcome kind of the pricing impact but not to expect significant growth


at that facility. We had always known that it would be a difficult market, in all likelihood, when those contracts rolled off. But it's proving to be even more difficult

at that facility we had always known that it would be a difficult market in all likelihood when those contracts rolled off but it's proving to be even more difficult


Has there been any movement in terms of new construction in Las Vegas, except for some of these peripheral things like the convention center and stadium and whatnot?

has there been any movement in terms of new construction in las vegas except for some of these peripheral things like the convention center and stadium and whatnot


and you haven't seen it yet but you possibly do as you get into 2017? I'd say it's a wait-and-see. There may be some effect in the third quarter.

and you haven't seen it yet but you possibly do as you get into 2017 i'd say it's a wait and see there may be some effect in the third quarter


the sustainability of that gross to net and what it tells us about how well you're working and maybe what it tells us about the economics of your business.


We continue to expect positive sales growth for the full year in all jurisdictions due to customer growth as well as planned expansion from some of our larger customers.

we continue to expect positive sales growth for the full year in all jurisdictions due to customer growth as well as planned expansion from some of our larger customers


But in reality, all the major negotiations, all the key business points should be done by the time you signed that commitment. And I would say that was very much the case in this instance. So nothing really changed.

but in reality all the major negotiations all the key business points should be done by the time you sign that commitment and i would say that was very much the case in this instance so nothing really changed


We think there is going to be some time frame for both the MACs and the providers to transition to the pre-claims demonstration. But over time, as it relates to both bad debt

we think there is going to be some time frame for both the max and the providers to transition to the preclaims demonstration but over time as it relates to both bad debt


there are now technologies that exist that an ethanol plant can increase the value of their co-products of distillers range through multiple different opportunities. And so we chose the first one, which was

there are now technologies that exist that an ethanol plant can increase the value of their coproducts of distillers grains through multiple different opportunities and so we chose the first one which was


We also assessed the value of the former Bucyrus business in the Canadian mining unit and the future discounted cash flow well exceeds the value we have on our books.

we also assessed the value of the former buxus business in the canadian mining unit and the future discounted cash flow well exceeds the value we have on our books


Where are the levels of incentives in retail at the moment and also your level of delinquencies in terms of tenants?

where are the levels of incentives in retail at the moment and also your level of delinquencies in terms of tenants


And that's in the face of stronger competition from nonretirement office, such as apartments or townhomes. So we believe that really underpins the strong fundamentals of the business and gives us great confidence

and that's in the face of stronger competition from nonretirement offers such as apartments or townhomes so we believe that really underpins the strong fundamentals of the business and gives us great confidence


The optics of the quarter were affected by the impact of last year's hurricanes. Also, some shipment slid from late Q2 into early Q3, which is not unusual around the holidays.

the optics of the quarter were affected by the impact of last year's hurricanes also some shipments slid from late q2 into early q3 which is not unusual around the holidays


Just to prove our dedication and how tough we really are, I'm actually offering Butch to take on the winner of the Mayweather fight with all the proceeds going towards the renovation of Westminster Mall.

just to prove our dedication and how tough we really are i'm actually offering butch up to take on the winner of the mayweather fight with all the proceeds going towards the renovation of westminster mall


We also won an expand order from the Department of Homeland Security. This was a direct result of the previous investments we had made in government-specific certifications and capabilities.

we also won an expand order from the department of homeland security this was a direct result of the previous investments we had made in government-specific certifications and capabilities


So that, in terms of an underlying price, is constantly moving. In terms of the prices that we are actually paying at the moment, we've locked in

so that in terms of an underlying price is constantly moving in terms of the prices that we are actually paying at the moment we've locked in


the big margin changes that we've seen at the peers with some announcement for bigger margin expectations having just gotten rolled out. So it's incredibly topical.

the big margin changes that we've seen at the peers with some announcement for bigger margin expectations having just gotten rolled out so it's incredibly topical thank you


at building out their platform, and we could go backwards or forwards with the different technology. So it's quite exciting in the investments we're making to see the market that we could address.

at building out their platform and we could go backwards or forwards with the different technologies so it's quite exciting in the investments we're making to see the market that we could address


We will continue to look objectively and thoughtfully at how best to advance our plans to increase value for our shareholders and other stakeholders.

we will continue to look objectively and thoughtfully at how best to advance our plans to increase value for our shareholders and other stakeholders


We still have a book value of our freighter fleet. And you can assume the extreme and say that all of it is for -- at risk, but I think we have done what we believe is prudent and appropriate.

we still have a book value of our freighter fleet and you can assume the extreme and say that all of it's for -- at risk but i think we've done what we believe is prudent and appropriate


So -- but I think we'll continue to be very smart about it until we kind of see the way everybody is going to play this over the next couple of months and then how fast we can really get into some goods as well. We've been

so -- but i think we'll continue to be very smart about it until we kind of see the way everybody is going to play this over the next couple of months and then how fast we can really get into some goods as well we've been


We see growth in syringes even better than expected, which confirms that it's right to further focus on this business and extend our capacities.

we see growth in syringes even better than expected which confirms that it's right to further focus on this business and extend our capacities


behind us. The vast majority of those costs are behind us. So there's really been an investment to build a much stronger business, which I think is indicative from

behind us the vast majority of those costs are behind us so it's really been an investment to build a much stronger business which i think is indicative from


somewhat muted outlook. There's so much uncertainty out there in terms of the macro environment, what it means for markets and what it means for investor flows.

somewhat muted outlook there's so much uncertainty out there in terms of the macro environment what it means for markets and what it means for investor flows


And then just the last one for me would be if I could get your thoughts and views on just the traditional oil well maintenance work that's out there for the workover rig business.

and then just the last one for me would be if i could get your thoughts and views on just the traditional oil well maintenance work that's out there for the workover rig business


While a prolonged period of depressed oil prices will likely result in continued credit stress in the industry, we actively monitor our portfolio and believe our exposures to be manageable.

while the prolonged period of depressed oil prices will likely result in continued credit stress in the industry we actively monitor our portfolio and believe our exposures to be manageable


perhaps even into 2019 before we completely get our practices fine-tuned to take full benefit of the capacity and the cost efficiency that we should get from this.


I am extremely excited about how we're becoming more entrepreneurial. Our approach is to blend strong science with a medical mindset and an entrepreneurial emphasis on innovation.

i am extremely excited about how we're becoming more entrepreneurial our approach is to blend strong science with a medical mindset and an entrepreneurial emphasis on innovation


Our capital allocation strategy in 2017 includes continued investment in aligning our facilities with core OEM expansion efforts and ensuring we are well positioned to support the growth in all of our markets.

our capital allocation strategy in 2017 includes continued investment in aligning our facilities with core oem expansion efforts and ensuring we are well positioned to support the growth in all of our markets


The market for retail deposits was not impacted whatsoever by the first Fed rate hike, so we saw no increase in our cost of funds there.

the market for retail deposits was not impacted whatsoever by the first fed rate hike so we saw no increase in our cost of funds there


we can typically deliver value in a much faster time frame and at a lower cost than others in the recovery audit industry or in the Source-To-Pay technology space.

we can typically deliver value in a much faster time frame and at a lower cost than others in the recovery audit industry or in the source-to-pay technology space


At our most recent board meeting in December, we formally welcomed our newest director, John Young, who currently serves as Group President of Pfizer Innovative Health.

at our most recent board meeting in december we formally welcomed our newest director john young who currently serves as group president of pfizer innovative health


So that is also an open-door opportunity for us to get in and bid on some of their transmission and distribution contracts.

so that is also an open door opportunity for us to get in and bid on some of their transmission and distribution contracts


In terms of backlog or significant deposits, the answer is no to both questions.

in terms of backlog or significant deposits the answer is no to both questions


At Weight Watchers, we have always been social, harnessing the power of community to help individuals who have the same goals form deep, meaningful and real relationships.

at weight watchers we have always been social harnessing the power of community to help individuals who have the same goals form deep meaningful and real relationships


it's a bit difficult to assess exactly how quick the demand will rise and what kind of alternative materials could come on the market. So we see this mostly as a short-term issue.

it's a bit difficult to assess exactly how quickly demand will rise and what kind of alternative materials could come on the market so we see this mostly as a short-term issue


of circulating s-antigen. Even so, half of these patients experienced a sustained host response, where it appears that ARC-520 triggered something that enabled the body to fight the virus.

of circulating s antigen even so half of these patients experience a sustained host response where it appears that arc-520 triggered something that enabled the body to fight the virus


Over the years, Carlyle's consistently strong investment results have generated a steady stream of performance revenues, and we expect that to continue.

over the years carlyle's consistently strong investment results have generated a steady stream of performance revenues and we expect that to continue


More than 100 Carlyle professionals across United States, Europe and Asia worked together for over a year on this transaction, which is expected to close in the second half of the year.

more than 100 carlyle professionals across united states europe and asia worked together for over a year on this transaction which is expected to close in the second half of the year


implementing a regional operating model in our Consumer Products business, which is beginning to produce results by taking millions and miles off the road and reducing external warehousing costs.

implementing a regional operating model in our consumer products business which is beginning to produce results by taking millions of miles off the road and reducing external warehousing costs


Final comment from me before I hand over to questions. You may have seen in the press release, after 7.5 years in this job, I am going to take a couple of months off in March and April.

final comment from me before i hand over to questions you may have seen in the press release after 7 5 years in this job i am going to take a couple of months off in march and april


We also have an opportunity to enhance our position due to preamps that we'll take advantage of. And so we believe those are the

we also have an opportunity to enhance our position due to preamps that we'll take advantage of and so we believe those are the


But the bottom line is I cannot tell you how impressed I am with the talent that -- given the disruptions that we have,

but the bottom line is i cannot tell you how impressed i am with the talent that -- given the disruptions that we have


And you will note that over the last decade we have repatriated a substantial amount of capital to our shareholders and continue to do so.

and you will note that over the last decade we have repatriated a substantial amount of capital to our shareholders and continue to do so


New York, trends are pretty much on what our expectations were. I think the 1 issue might be the corrugated medium machine and what's going on in that industry,

new york trends are pretty much on what our expectations were i think the one issue might be the corrugated media machine and what's going on in that industry


We also announced earlier in the year that we had doubled our measured and indicated resources at Cozamin. And so a lot of work has been completed throughout this quarter to advance that

we also announced earlier in the year that we'd double our -- doubled our measured and indicated resources at cozamin and so a lot of work has been completed throughout this quarter to advance that


Also, we expect to receive the adjudicated cardiovascular safety data from odanacatib from our external evaluators in the next few days, which will then be analyzed over the next several weeks.

also we expect to receive the adjudicated cardiovascular safety data from odanacatib from our external evaluators in the next few days which will then be analyzed over the next several weeks


We'll also continue to build greater loyalty with our existing customers through brand marketing centered around our commitment to serving delicious food made from ingredients raised responsibly.

we'll also continue to build greater loyalty with our existing customers through brand marketing centered around our commitment to serving delicious food made from ingredients raised responsibly


as a consequence of the introduction of flex commission, which we haven't seen either, which has been good and positive. I think the trend is up, the opportunity is up.

as a consequence of the introduction of flex commission which we haven't seen either which has been good and positive i think the trend is up the opportunity is up


over the previous year, due in part to the fact that outflows for the business model transformation expenses that were recorded last year, actually occurred in this fiscal year.

over the previous year due in part to the fact that outflows for the business model transformation expenses that were recorded last year actually occurred in this fiscal year


generating strong net cash flow, deleveraging the balance sheet and growing the dividend in line with higher normalized earnings.

generating strong net cash flow deleveraging the balance sheet and growing the dividend in line with higher normalized earnings


Later this year, we'll unveil a new articulation for our brand, and we expect to modernize our branding to be even more culturally relevant so we can reach more people in a powerful new way.

later this year we'll unveil a new articulation for our brand and we expect to modernize our branding to be even more culturally relevant so we can reach more people in a powerful new way


Historically, Reis played a minimal role in serving investment sales brokerage because sales brokers, first and foremost, rely on comparable sales transactions to market a property.

historically reis played a minimal role in serving investment sales brokerage because sales brokers first and foremost rely on comparable sales transactions to market a property


will follow suit, returning to double-digit levels in this year's second half. This resurgence of growth has and will continue to be in large measure due to our

will follow suit returning to double-digit levels in this year's second half this resurgence of growth has and will continue to be in large measure due to our


Except to the extent required by law, we expressly disclaim any obligation to update earlier statements as a result of new information. And now, I would like to hand the presentation over to Jeremy Ford.

except to the extent required by law we expressly disclaim any obligation to update earlier statements as a result of new information and now i would like to hand the presentation over to jeremy ford


And a robust and steady balance sheet, which gives us forward strength, but also the ability to weather changes in external markets is a kind of security feature of the business.

and a robust and steady balance sheet which gives us forward strength but also the ability to weather changes in external markets is a kind of security feature of the business


But again, I just want to come back to the point that from Steve's perspective, from my perspective, from the company's perspective,

but again i just want to come back to the point that from steve's perspective from my perspective from the company's perspective


As I had mentioned, with the production now fully integrated here in West Warwick, the final cleanup portion of the transition is related to transferring the many individual and customer contracts

as i had mentioned with the production now fully integrated here in bussorah the final cleanup portion of the transition is related to transferring the many individual end customer contracts


In other words, if we're able to measure all the important sources of viewing in the market, do they want all of those important sources of viewing included in the currency or do they just want some, but not all.

in other words if we're able to measure all important sources of viewing in the market do they want all of those important sources of viewing included in the currency or do they just want some but not all


Also, the discussions will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release

also the discussions will include certain non-gaap financial measures reconciliations to the most directly comparable gaap financial measures can be found in today's press release


At Assurant, Ajay will drive business alignment and strategy for technology across the global enterprise, and support our broader commitment outlined at Investor Day.

at assurant ajay will drive business alignment and strategy for technology across the global enterprise and support our broader commitments outlined at investor day


At the federal level, programs such as America's Water Infrastructure Act and State Revolving Funds for clean water and drinking water are in place. But today, they only provide a framework.

at the federal level programs such as america's water infrastructure act and state revolving funds for clean water and drinking water are in place but today they only provide a framework


Our second quarter results and certainly those of the first half of the year serve as strong evidence that our strategy and operational excellence efforts are right on target.

our second quarter results and certainly those of the first half of the year serve as strong evidence that our strategy and operational excellence efforts are right on target


In the first quarter, we successfully completed this acquisition in the upper Midwest region, providing us with good fuel volume and inside sales growth while leveraging our existing operational network in the region.

in the first quarter we successfully completed this acquisition in the upper midwest region providing us with good fuel volume and inside sales growth while leveraging our existing operational network in the region


This slight increase was overcompensated by further declining road-bound transportation due to less transfers in the cargo volume of the greater Hamburg area.

this slight increase was overcompensated by further declining roadbound transportation due to less transfers in the cargo volume of the greater hamburg area


We do know what was -- what they were trying to get approved. And based on what we've known in the past, if that's the device that was approved,

we do know what was -- what they were trying to get approved and based on what we've known in the past if that's the device that was approved


It is worth noting as well that announcements of this type happen mainly during periods of cyclical resource company margin expansion, such as the one we're now seeing unfold.

it is worth noting as well that announcements of this type happen mainly during periods of cyclical resource company margin expansion such as the one we are now seeing unfold


for noodles, the difficulty is much greater than that of beverage. Selling beverages is about selling imaginations.

for noodles the difficulty is much greater than that of beverage selling beverages is about selling imaginations


many of which are looking for a -- to enter into a contract for solar products directly with someone who actually owns the project,

many of which are looking for a -- to enter into a contract for the solar products directly with someone who actually owns the project


to tender lower prices, as they have been the ones with the volumes in the past who has been accepting also the high level of prices as a result of their volume increase.

to tender lower prices as they have been the ones with the volumes in the past who has been accepting also the high level of prices as a result of their volume increase


Of course, we have ongoing focus on cost savings, and we have a potential new conclusion of the regulator on Significant Market Power.

of course we have ongoing focus on cost savings and we have a potential new conclusion of the regulator on significant market power


maybe this is something for Tom to jump in with but could you give some color on sort of the velocity of deal flow from the tech users? There's a lot of press on

maybe this is something for tom to jump in with but could you get some color on sort of the velocity of deal flow from the tech users there's a lot of press on


anticipated nonrecurring condo marketing expenses and condo profits in the year. And two, the financial impact of any acquisitions completed in the year.

anticipated nonrecurring condo marketing expenses and condo profits in the year and two the financial impact of any acquisitions completed in the year


They are not guarantees of future performance, and therefore, you should not put undue reliance upon them. These results are subject to numerous risks and uncertainties, which could cause actual results to differ materially from what we expect.

they are not guarantees of future performance and therefore you should not put undue reliance upon them these results are subject to numerous risks and uncertainties which could cause actual results to differ materially from what we expect


That 2-segment definition is really too simplistic for how our business actually creates value for our customers and shareholders, specifically on the Payments side.

that 2-segment definition is really too simplistic for how our business actually creates value for our customers and shareholders specifically on the payment side


the impact of foreign exchange on Somar. With that, let me turn the call over to Blaise Coleman to further discuss the financial performance of the company in the quarter

and the impact of foreign exchange on solmar with that let me turn the call over to blase coleman to further discuss the financial performance of the company in the quarter


which is not really agreeing with that type of number. So would you be able maybe, Carl, to call out the 3 -- the couple of end markets here that were the

which is not really agreeing with that type of number so would you be able maybe carl to call out the 3 -- the couple of end markets here that were


Our company-wide programs that we started early in the year have landed very well through the entire organization. And the results, as you can see, are already very visible.

our company-wide program that we started earlier in the year have landed very well through the entire organization and the results as you can see are already very visible


We expect our sales volumes in the automotive OEM business to be stronger in the second half of the year based on recently implemented stimulus and easier comparisons to the prior year.

we expect our sales volumes in the automotive oem business to be stronger in the second half of the year based on recently implemented stimulus and easier comparisons to the prior year


which will be a significant driver of margin improvement for 2018. We also have optimized our annual budget to drive significant margin improvement.

which will be a significant driver of margin improvement for 2018 we also have optimized our annual budget to drive significant margin improvement


In general, the combination of high demand and lack of skilled labor has led to increase in cost in most of the markets also in this segment.

in general the combination of high demand and lack of skilled labor has led to increasing costs in most of the markets also this segment


Pat will follow with information related to investments and investment-related activity along with some additional commentary regarding the company's overall finances.

that will follow with information related to investments and investment-related activities along with some additional commentary regarding the company's overall finances


Moreover, in the more than 30 years that I have been involved with Lakeland, the company has never been better positioned and presented with more global opportunities than it is today.

moreover in the more than 30 years that i have been involved with lakeland the company has never been better positioned and presented with more global opportunities than it is today


Second, broadening our product offering to automotive customers, this is intended to expand our addressable market and enable us to achieve double-digit revenue growth.

second broadening our product offering to automotive customers this is intended to expand our addressable market and enable us to achieve double-digit revenue growth


from one side the FX losses on our dollar-denominated debt that was compensated with some of our liquidity that was abroad in dollars and some

from one side the fx losses on our dollar-denominated debt that was compensated with some of our liquid that was abroad in dollars and some


so far away? Or if I consider like your largest competitor Infineon in the power space going to 300- millimeter getting scale and scope.

so far away or if i consider like your largest competitor infineon in the power space going to 300-millimeter getting scale and scope


And with the reduction in size of Skanska, our largest competitor in New York, and the failures of some of our New York peers,

and with the reduction in size of skanska our largest competitor in new york and the failures of some of our new york peers


As we have discussed in the past, we typically have lower cost during the non-winter months primarily during the second and third quarters of the calendar year as we ramp up our wet plant operations,

as we have discussed in the past we typically have lower costs during the non-winter months primarily during the second and third quarters of the calendar year as we ramp up our wet plant operations


Another area that has seen recent weakness is our Elk Basin oil. Western Canadian Select prices have recently been impacted by the pressure on U.S. heavy sour prices

another area that has seen recent weakness is our elk basin oil western canadian select prices have recently been impacted by the pressure on u s heavy sour prices


remaining decrease was due to expenses related to our operating real estate activities, which we consolidate for accounting purposes, but we do not incur these expenses directly.

the remaining decrease was due to expenses related to our operating real estate activities which we consolidate for accounting purposes but we do not incur these expenses directly


The forward-looking statements are based on current expectations and are subject to substantial risks and uncertainties that may cause actual results to differ materially from the forward-looking statements.

the forward-looking statements are based on current expectations and are subject to substantial risks and uncertainties that may cause actual results to differ materially from the forward-looking statements


The primary variables of our guidance will be rack margins for gasoline and diesel, crude prices remaining around current levels and drilling activity remaining stable in our core basins.

the primary variables of our guidance will be rack margins for gasoline and diesel crude prices remaining around current levels and drilling activity remaining stable in our core basins


But we also have some things that are very unique to what we are and to the kind of conversation that we can have when we sit across the table from clients.

but we also have some things that are very unique to what we are and to the kind of conversation that we can have when we sit across the table from clients


and development of core deposits. This is also reflected in the overall mix and the increase in noninterest demand balances. We will continue to compete in our markets with a disciplined approach to pricing.

and development of core deposits this is also reflected in the overall mix and the increase in noninterest demand balances we will continue to compete in our markets with a disciplined approach to pricing


do you have enough levers to pull to really offset what potentially could be seen in terms of a faster acceleration pace on the retirement?

do you have enough levers to pull to really offset what you potentially could be seeing in terms of a faster acceleration pace on the retirement


with various effective dates that extend through December 2019. However, several states have moved or will be moving to the new standards before the required federal dates.

with various effective dates that extend through december 2019 however several states have moved or will be moving to the new standards before the required federal date


It's a difficult one to answer from the standpoint of it, it's sometimes project related or region related and depends on competitive environment at times.

so a difficult one to answer from the standpoint of it is sometimes project related or region related and depends on competitive environment at times


We maintained our diligent cash management focus as well as stock repurchases and quarterly dividend payments and closed the year with a very strong balance sheet.

we maintained our diligent cash management focus as well as stock repurchases and quarterly dividend payments and closed the year with a very strong balance sheet


We'll also drill a number of step-out wells in the Bakken Lite and other areas to continue testing and refining our latest precision targeting and advance completions outside our core operating areas.

we'll also drill a number of step-out wells in the bakken lot and other areas to continue testing and refining our latest precision targeting and advanced completions outside our core operating areas


we would look -- we would look at be running that new system essentially for around 2021, okay? So now I'm not making a statement on the sequence of Val-d'Or versus Cook

we would look -- we would look at be running that new system essentially full around 2021 okay so now i'm not making a statement on the sequence of valdora versus cook


Leaving it out there, you're creating this overhang that we have to lower our estimates when you give us until next quarter. So if you get maybe just tell us what the mix you expect or

leaving it out there you're creating this overhang that we have to lower our estimates when you give us -- until next quarter so if you could maybe just tell us what the mix you expect or


With that on the highest level, when we look at the first half year of this year, we look at it as a solid first half year

with that on the highest level when we look at the first half year of this year we look at it as a solid first half year


some form of an OTC product. And if it is just to upsell people, so that's certainly close to home, and you would probably do with some form of brand from ourselves.

some form of an otc product and if it is just to upsell people so that's certainly close to home and you would probably do with some form of a brand from ourselves


really focuses on high pressure, high temperature and transportation to hydraulic markets, but it's very scalable. As I think about opportunities in their core business to take market share

it really focuses on high pressure and high temperature and transportation and hydraulic markets but it's very scalable as i think about opportunities in their core business to take market share


the ability for customers to interact with great next-generation technologies in a safe way. I think that this is going to accelerate with artificial

the ability for customers to interact with great next-generation technologies in a safe way i think that this is going to accelerate with artificial


on a new occasion in the afternoon with teas and refreshers. So we're going to maintain our plans to continue this work that we're doing because we're encouraged from what we're seeing right now.

on a new occasion in the afternoon with teas and refreshers so we're going to maintain our plans to continue this work that we're doing because we're encouraged from what we're seeing right now


We continue to expect consolidated revenue growth in the high single digits, excluding approximately 2 points of favorability from the East China acquisition and other streamline-driven activities.

we continue to expect consolidated revenue growth in the high single digits excluding approximately 2 points of favorability from the east china acquisition and other streamline-driven activities


As we look at the rest of the year, we don't see any major changes in the outlook, and despite the typical seasonal of the second half being weaker than the first half, with

as we look at the rest of the year we don't see any major changes in the outlook and despite the typical seasonal pattern of the second half being weaker than the first half


there is no sound from the engine to mask other road noise, and so electric vehicles actually, typically use more of our acoustical products

there is no sound from the engine to mask other road noise and so electric vehicles actually typically use more of our acoustical products


References to balances and percentages of accounts receivable 60 days plus past due were re-aged on today's conference call, and going forward will be at carrying value.

references to balances and percentages of accounts receivable 60 days plus past due were re-aged on today's conference call and going forward will be at carrying value


And we're not as focused on South East Asia and Korea or Japan, but that could be sort of the next way for us. We think that the most important thing we can do is

and we're not as focused on southeast asia and korea or japan but that could be sort of the next wave for us we think that the most important thing we can do is


how we are very committed to the knowledge transfer back into their environment, so clients are left better off than when started.

how we are very committed to the knowledge transfer back into their environments so clients are left better off than when we started


we're proud of our ability to keep loans from moving to charge-offs. As part of our credit culture, we know our customers well and have the ability to identify and solve problems early.

we're proud of our ability to keep loans from moving to charge-offs as part of our credit culture we know our customers well and have the ability to identify and solve problems early


diversity of revenue streams. As you've heard me say before, we believe we have a significant runway ahead of us to expand in some of our underpenetrated markets and customer segments.

versity of revenue streams as you've heard me say before we believe we have a significant runway ahead of us to expand in some of our under-penetrated markets and customer segments


Well, we're confident because our products -- when we sell a piece of plate, it could go on to any platform in the entire spectrum.

well we're confident because our products when we sell a piece of plate it could go on to any platform in the entire spectrum


The underwriting environment continues to be very high quality. More than half of the business we are writing is at FICO scores of 760 plus

the underwriting environment continues to be very high quality more than half of the business we are writing is at fico scores of 760 plus


happy and eager to lend us more money if the business activity justifies it. So we're in discussions as far as that goes.

happy and eager to lend us more money if the business activity justifies it so we're in discussions as far as that goes


So we have been adding capacity, as we announced, for some of our specialty products in Indianapolis and in Thailand. We talked about it coming on stream.

so we have been adding capacity as we announced for some of our specialty products in indianapolis and in thailand we talked about it coming on stream


and went through some of the relationships that we see between oil and asphalt cost, and then also how long it takes the oil cost to come through our economics, about 90 days to get through the refinery, about 90 days to get through our cost of goods.

and went through some of the relationships that we see between oil and asphalt costs and then also how long it takes oil costs to come through our economics about 90 days to get through the refinery about 90 days to get through our cost of goods


so that we can provide our products in a variety of packaged formats at different price points. And so the key for us in competing in those, particularly in the emerging markets

so that we can provide our products in a variety of package formats at different price points and so the key for us in competing in those -- particularly in the emerging markets


First, we're now through the toughest year-over-year compare as we lap the introduction of unlimited plans that came out in the first quarter a year ago.

first we're now through the toughest year-over-year compare as we lap the introduction of unlimited plans that came out in the first quarter a year ago


And I should also point out as an aside that the customer service center, the contact center which we'll need for the retail operations, that has been separated for over 10 years in our case.

and i should also point out as an aside that the customer service center the contact center which we'll need for the retail operations that has been separated for over 10 years in our case


you basically have until you file the tax return of the year subsequent to recognizing the real big gain. Or there's a mechanism where you can retain the gain, pay the tax

you basically have until you file the tax return of the year subsequent to recognizing the real big gain or there's a mechanism where you can retain the gain pay the tax


What we see when we -- at least when we discuss with shipyards and when we look at the order books that we have seen being -- or newbuilding orders that we've taken over the last few months,

what we see when we -- at least when we discuss with shipyards and when we look at the order books that we have seen being -- or newbuilding orders that have been taken over the last few months


Sherry will then review financial details for our reported results and provide our 2018 financial outlook. We will then open up the phone lines to take your questions.

sherry will then review financial details for our reported results and provide our 2018 financial outlook we will then open up the phone lines to take your questions


The outstanding performance delivered in the third quarter was a result of the team's continued execution of a market strategy committed to optimizing both top and bottom line, a capable workforce

the outstanding performance delivered in the third quarter was a result of the team's continued execution of a market strategy committed to optimizing both top and bottom line a capable workforce


First, given the excellent safety profile and flexibility of our DepoFoam platform, we are advancing a development plan for intrathecal delivery of nonopioid analgesics for acute and chronic pain.

first given the excellent safety profile and flexibility of our depaform platform we are advancing a development plan for intrathecal delivery of non-opioid analgesics for acute and chronic pain


This reflects the front-loading of some investments into the early part of the year, especially in personnel, allowing us to scale the business to support our high-volume growth expectations for the year.

this reflects the front loading of some investments into the early part of the year especially in personnel allowing us to scale the business to support our high volume growth expectations for the year


the things that we put on the wall here to make sure that our entire team from top to bottom is aligned to those growth goals, that's all of the view toward driving shareholder value.

the things that we put on the wall here to make sure that our entire team from top to bottom is aligned to those growth goals that's all with a view toward driving shareholder value